PPM America private equity arm PPM America Capital Partners (PPMACP) announced the final closing (December 31, 2023) of its eighth co-investment fund PPM America Private Equity Fund VIII LP (together with its parallel fund), a vintage 2021 fund. The final closing amount of $660 million is PPMACP’s largest to date, surpassing its previous fund, which closed in 2018.
Fund VIII will continue to invest in a diversified pool of co-investments alongside top-tier buyouts and growth equity sponsors. Fund VIII will target approximately 50 co-investments and will be well diversified by vintage year, sponsor, and sector/industry and will typically allocate between $10-$25 million per co-investment.
Since 1996 and encompassing several market cycles, PPMACP has consistently participated in the co-investment space on behalf of its clients, raising eight funds totaling over $4 billion in historical commitments and closing over 250 deals across 50+ sponsors. Investments focus primarily on North American buyouts and growth opportunities.
The four partners of the 9-person PPMACP investment team average about 25 years of investment experience, including 22 years of average firm tenure. And PPMACP operates as one integrated team, deploying capital across a primary funds platform and co-investments along with sponsors where we invest. As of September 30, 2023, the private equity program had $5.76 billion in assets under management with nearly $11 billion in total historical capital commitments across primary funds and co-investments.
KEY QUOTE:
“With 28 years of sourcing co-investments for our clients, PPMACP has the experience, relationships and agility necessary to access deals from high-quality fund managers and construct a well-diversified investment portfolio across industry, size and sponsor. This closure continues our track record of increasing the size of each subsequent fund. We are incredibly grateful to our limited partners who have shown confidence in our ability to create value through manager and asset selection in these uncertain and volatile markets.”
– Champ Raju, Managing Partner, Head of Private Equity
